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Content preview: PitchBook Newsletters VC exit boom left most behind; OpenAI's
TBPN deal signals 'going direct' approach; one month in global markets April
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me=3D"n_579446" id=3D"n_579446" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> KKR's $23B haul provides light=
amid mega-fund gloom </span></td>
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<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
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<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Rod James, Senior Private Equity Editor</i><br><br>
KKR has closed its latest North America-focu=
sed buyout fund with $23 billion of investor commitments, a possible sign t=
hat the tide is turning after a long period of tough fundraising for manage=
rs of mega-sized buyout funds.<br><br>
This total makes KKR North America Fund XIV =
the largest PE fund focused solely on North America, and gives the New York=
-listed investment manager a place among the largest funds ever raised in t=
he asset class, according to PitchBook data.</td>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
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<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmFpa-2FXQ0J=
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ePSLt-2FJ3Ku3lcZADvQ-2FILx5MKrE6X8qff1atIc5N07FrGeMSnxKn2aHB-2B1lNFFk5p1f01=
Rt5vMJ1lFESNja8AGbXXBDXD2K9Q9IWGYgvaEG54qZZoqnF9unq79pY6CO9xRSwEHn6iiYRcAEa=
ySqijUOzB68rA-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D=
"https://img.pitchbook.com/news/73624.png" style=3D"border: none; width: 10=
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> </td>
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<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
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<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Big in=
stitutional backers of the fund include Washington State Investment Board, =
New York State Common Retirement Fund and Minnesota State Board of Investme=
nt.<br><br>
KKR was targeting $20 billion for Fund XIV, =
according to documents prepared for the Minnesota public pension plan, a re=
peat investor in the firm's buyout vehicles.<br><br>
In the documents, the pension's investment s=
taff said that Fund XIV would make between 20 and 25 investments, ranging i=
n size from roughly $1 billion to $4 billion, across the consumer, healthca=
re, financial services, industrials, media, tech-enabled services and softw=
are sectors.<br><br>
In March, KKR acquired Dallas-based bakery c=
hain Nothing Bundt Cakes for more than $2 billion, including debt. The inve=
stment was made out of Fund XIV, according to a person with knowledge of th=
e matter.<br><br>
In the pitch to Minnesota SBI, KKR emphasize=
d the value of its 40 operating executives, known collectively as KKR Capst=
one. Ninety percent of the investments made to date by the firm's previous =
North America fund used Capstone's support to boost revenue, improve busine=
ss processes, identify M&A opportunities and upgrade technology, among =
other things.<br><br>
Mega-sized buyout funds, which once seemed t=
o raise with ease, have been hurt in recent years by a lack of available ca=
sh among institutional investors. A lack of distributions from their PE por=
tfolios, triggered by a sharp rise in interest rates in 2022, forced many t=
o write smaller checks or skip fundraising rounds altogether.<br><br>
Things don't seem to be improving. In the US=
, 2025 marked the year with the fewest PE fund closes in more than a decade=
, according to PitchBook's 2025 Annual US PE Breakdown.<br><br>
However, last year provided evidence that ve=
ry large deals are coming back into fashion, which could facilitate improve=
d fundraising at that end of the market.</td>
</tr>
</tbody>
</table>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
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ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWIlOH6eLYtjtSi=
CKnVowmFeTy6IKgQooAX4osVoG2qWw-3D-3DRl1V_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx=
BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9J=
uQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsU=
dmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtj=
dj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPMVPW35iLA6iPvXgfL3axK0sodMLtxVxciPbIpTs=
0NVwroHfoJIiDDfhTmCZnnFFy8pN7WWnt5lN83LE-2FbPplvzDpcFur5PeV9-2FM-2BUB-2B9Hr=
S7R2YIoiXLdPADDmlmMee3XRM4QsoDFBwbpUyuIF7ZdAjTBSGY3fulkqq15h6lJ1ZIv5axW9Qiy=
p9oXIFKGGwb92gskmUzrRcfgdgmXxuvGpthTE-2BLdqmtoEN0UcUi6iW0APH1omKY91xWqEkrsV=
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me=3D"n_579443" id=3D"n_579443" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
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font-weight=
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<table border=3D"0" cellpadding=3D"0" cellspacing=
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<table border=3D"0" cellpadding=3D"0" cellspa=
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0%">
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<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80=
=A2 <b>OpenAI's acquisition of TBPN</b> is the latest sign that more player=
s in the venture ecosystem are embracing the "going direct" approach to mar=
keting that bypasses traditional press outlets. <b><a href=3D"https://url63=
80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmF-2FXGGai-2Frj7RAP5BxT06m8Q-3D-3DTy7E_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pn=
K78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKi=
gv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-=
2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJTgB2C=
wdE8OkFirPyhdz-2BHk2j3I0aMuzlEyGQx5RBv6lFF9jI8MjTQTPUmr-2F-2F1RxfLiaX65vD2N=
PnewTcFPrUZprne6qerHEZm-2BKiD67C4tiyThQo2Frxl8DHCWYuqefHj2-2FFNvWtjkQ4-2FJV=
MVnELCkZrBF7LU7yCgrYRQNFnMs1GG-2Fu0fslvW5skMWmq2bzg-2BRdjVNL4J2badZZDq2Tj7z=
YlYyAkEt-2FqN8cMMKSSaUid4-2Fim5lgcciGc7r9OLzKTVVjiXc0EEZ8NLPaDGDA9M-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Find out more</a></b><b=
r><br>
=E2=80=A2 <b>Blue Owl has held quarterly rep=
urchases at 5%</b> in two of its non-traded BDCs, after receiving redemptio=
n requests of 41% and 22% in each fund. <b><a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzWIlOH6eLYtjtSiCKnVowmFQoLx-2BZudMZXD5y4fvW1ZaQ-3D-3D4nJf_I3w5d9c01gk=
D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeU=
zUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2=
BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymS=
W4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJTgB2CwdE8OkFirP=
yhdz-2BE2V2JBk7cbMMWyG6vUKiRujOUdjoFZce6rfv73ZtTsIbiIf97lCO1XsGr0BbDwKO4TkL=
IY81pKM8rCDk14pkobIQIJn7GK-2B1F417ZZmzgP9hig2Dk0HkWPFzpMj-2Flmc-2F5qlhcWo0p=
vxzofib8lWSD4-2BNqmdhqJH8rT-2F81Hev7Bqc9D-2FBXGvZ2fsvC6PpYKN9SfKR2bMUvmYEgq=
zwKCpLvm9M8FRVovpEXr5MVZLR-2BT-2BiSu6RKOySdtp4nfZdFgx4M-3D" style=3D"color:=
#1D5080;" test=3D"" universal=3D"true">Read more</a></b></td>
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<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
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<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579437" id=3D"n_579437" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
<tr>
<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> A wave of liquidity, a desert =
of distributions </span></td>
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</tbody>
</table></td>
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<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Kyle Stanford, Director of US Venture Research</i><br><br>
While the first quarter was nearly record-br=
eaking for VC exits and SpaceX has now signaled a likely monster listing in=
Q2, the reality for the broader market remains different, according to our=
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaZ5DK0Ito0D2w1=
8trmMVQBw-3D-3Dc4rM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jj=
aUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZn=
Q-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41=
hGY3QVJIIol6EuPJTgB2CwdE8OkFirPyhdz-2BGCctXvKilWhlx6RimPXUUfTTrejFGNaXS4T5Y=
DblWipooQsndjgtsCr0YmGuLsYEK9zgGHp0vdCbiAgVHCXRSTpTP4lHUMdnpEunjkpRJgtXba6O=
nUeZBlt8PwUY2UJpSaJyKUwBSol47dhKctQCDBUFFfo35bmmSSjqB2Mz9Thq1FYr1sAG0RLNEDE=
apsGYw0U7ZAxEyaaXbZucSEtnabnNypIEiO2vBJ5Ttk7mRid8KfM-2FZewmt59vZIPiDFEDo-3D=
" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Global VC First=
Look data</b></a>.<br><br>
The headline number=E2=80=94$413 billion=E2=
=80=94obscures a market that has stratified sharply, and a thin layer of ge=
nerational outcomes sits atop a much larger base of companies still waiting=
for the distribution cycle to turn.</td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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<tr>
<td valign=3D"top">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"center">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
">
<tbody>
<tr>
<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaZ5DK0Ito0=
D2w18trmMVQBw-3D-3DFdA9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJT=
Q4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZ=
VCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-=
2F41hGY3QVJIIol6EuPJTgB2CwdE8OkFirPyhdz-2BGIZGx17TovbtCo9Qx-2FUGzT7lve6VreB=
-2B3lxHnBEbQlQmtJO6C-2FjdAntlDf35vOVH42bcq-2BYsn2-2FooXBAXkz9r2WAx4s7Wa09mC=
74j70BacJGkP4-2Bz-2FNfW06bhsw8laV-2B0SBlH43xf34TiM6sr-2FIubjKAY15sH25hjDhuB=
okuIcqGF-2BRgYYTER7-2FF-2FG9Ufm7Xg0VGGxIFzoCLUqZwdT0LJVdwZA-2Bo3UDTgkdFIUb6=
M-2BunRvia6Kb2TY70D4w-2BsEwwg-3D" universal=3D"true"> <img align=3D"center"=
alt=3D"" src=3D"https://img.pitchbook.com/news/73609.png" style=3D"border:=
none; width: 100%; height: auto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The co=
ncentration within that $413 billion is stark. XAI's merger with SpaceX acc=
ounted for $250 billion of that, and the completed acquisition of Wiz added=
another $32 billion.<br><br>
Together, those exits represent 68% of all e=
xit value for the quarter. Strip those out, and the remaining $131 billion =
tells a more cautionary story. That figure trails the prior two quarters, w=
hich were themselves only a modest recovery from the sustained contraction =
of 2023 and 2024.<br><br>
The truer exit baseline for Q1 is not a cris=
is, but it's not a recovery either. For the companies, investors and LPs wh=
ose portfolios are not named xAI or Wiz, the wait for meaningful liquidity =
continues.<br><br>
The concentration in exit value also extends=
to geography. In Q1, nearly 85% was generated in North America, making it =
the highest regional share recorded in the past decade.<br><br>
Asia's venture markets produced $42 billion,=
and Europe contributed $18.7 billion. Annualized, both figures are roughly=
in line with 2025 levels, but remain less than half of the record values e=
ach region generated at the 2021 market peak. The gap hasn't closed, and th=
ere are no near-term catalysts suggesting it will.<br><br>
The anticipated IPOs of SpaceX, OpenAI and A=
nthropic will, when they arrive, generate genuinely historic returns for th=
eir investors. The venture market at large is closer to those outcomes than=
it has been at any prior point.<br><br>
But the returns from those listings will be =
concentrated, and the noise they produce will crowd out the needs of the ot=
herwise constrained IPO market.<br><br>
The defining dynamic of this VC market is no=
longer cycle timing=E2=80=94it's position. An investor's proximity to the =
concentration is producing vastly different realities: career-making distri=
butions for those at the top, and an extended liquidity drought for the res=
t.<br><br>
Until a broader share of companies below the=
mega-deal tier begin to exit, that divergence will define the VC market's =
character more than any headline exit figure.</td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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cing=3D"0" lang=3D"x-content-btn">
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order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http=
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JwLR7womizkqkxvUaTqPnAN0J9rxYkkZx63lqcKu8akAfyPVV2-2FLut5v8SPqPzshqz6LCxLrO=
DLJ2eWXCgYy322pdILbT3dHUxcK9drXs2MHOhkszrpWxKsvR-2BAp0b6KpkeYOjE-2BquF459JQ=
MkR3Qempdt-2Ftk64dmz1n28StbHx8Tyyg2upNj2cnLmKGwwe9X37IsUhKT-2BIM-3D" style=
=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decoratio=
n: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D"tr=
ue">See the data<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsl=
etter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" =
width=3D"24"> </a></td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;=
"> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
<tr>
<td colspan=3D"2" style=3D"padding: 0 20px;">
<table class=3D" " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td style=3D"padding-bottom: 25px;">
<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
=
border-bottom: 1px=
solid #C3C3C3;
=
">
<tbody>
<tr>
<td style=3D"padding: 1px 0 0 0; line-height:=
0;"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpD=
zp3cODyaA7U-2BA25yROq3IuratjS0ow-3D-3D3pgc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh=
9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJp=
sUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASW=
tjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJTgB2CwdE8OkFirPyhdz-2BEZLZeTtE-2B1LU=
5Q3Ytu6F-2Fjrtj8ofjIaHLXTNm355JYMKcw2r-2BkdnKLHjQrkTGvkk0ekJoS1bvUmw6MfF6G9=
Q-2FmZD9dK-2FzP6-2FlBZCMDZBNpp7c6Hj2DYDbe63MxlXqK06OAXGinsLlcHTsqieYx4lS4ch=
y3Xq44sx0xEfsd3lbxQTia0l6c-2B4v81ewp5eBoK3frN6IykOLGWB5PqyovAgCouGCwZ1z3FRf=
kSxICc6o6bFVRSmeaymvubUFvTyi8jDI-3D" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">Q1 2026 Quantitative Perspectives: The Magnificent Few</a>=
</b></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Side Letters</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma=
rt reads that caught our eye.</i><br><br>
=E2=80=A2 <b>After entering orbit, Artemis I=
I astronauts reported a problem: a malfunctioning toilet.</b> The waste dis=
posal system on the rocket creates a "more dignified" system than 50 years =
ago, but presented one of the new crew's first struggles. [<a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaTPKnuqlvGl4av-2Fw74FDIRA-3D-3DpAt7=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5=
pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZU=
Kigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCw=
p-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJTgB=
2CwdE8OkFirPyhdz-2BHe9mRFJmeFZmJZZX-2FxuD2PsFQ7k2d-2FNo2eLXNigVyRNWnIZXkzk3=
52ApaRh1xvFAaCCzbeFjB4pgnqXj-2FMt4lxsngRAJJPMny8sheszlnPLl2IU6unwUp8Wt33v-2=
B8HCv1snrIi1rLjcFaJk760dJQODDbJwvGS9yEBWHQ08O3hjH1lRgWmDOTgynBjOj-2BlhjjXxR=
-2FLVjnWGdeRX6Nrsyx7DSZ2RPIaaoI-2BLoJWwo7ua7dLA-2BNSvjRD6gqeewYnMR4-3D" sty=
le=3D"color: #1D5080;" test=3D"">The New York Times</a>]<br><br>
=E2=80=A2 <b>A focus on affordability hasn't=
helped Tesla.</b> The EV maker's latest data shows one of its worst quarte=
rs on record, and the release of more affordable models did little to help.=
[<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br=
X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaMYvhOU-2F-2FXgvf=
TiQZN4KwGQ-3D-3DZ6cs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd=
WeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4j=
jaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZ=
nQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F4=
1hGY3QVJIIol6EuPJTgB2CwdE8OkFirPyhdz-2BEdw8nJoJ9kXb-2FhDW5tft8vNbT-2Byb-2Bt=
vL0P52Fx-2BqiXZXx8Pn0tXEhOGmyL4MaTvNN23x1Vwaqyi4IIwy2elbZ2SUJvEOLD47tlWzyWt=
ZFkVodccTEFfM8OqpC0viYxmnqPigJqfl8uMFy2IcvuUqn6oT8-2FSaaWrVLxiFzsqKg6d1gJ3R=
UQD8sDd-2FJg0oibAnCWNCfbJdFyZleMkR61bRJav9OMCi5GomQgwvG-2BtB2cXRfvJTNkkP0-2=
BaPIqfg34dVk-3D" style=3D"color: #1D5080;" test=3D"">TechCrunch</a>]</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td>
<table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 5px; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td align=3D"center" style=3D"font-family: Roboto,=
Arial, sans-serif; font-weight: 700;
font-size: 14px; line-height: 27px;=
color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr=
ap;">Since yesterday, the PitchBook Platform added:</td>
</tr>
<tr>
<td>
<table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
<tbody>
<tr>
<td style=3D"display: inline-block; width: 25%=
; min-width: 25%;
text-align: center; flo=
at: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
947
</div>
<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
-size: 12px; line-height: 24px;
padding: 2px 8px 0=
8px; -webkit-text-size-adjust: 100%;">
Deals
</div></td>
<td style=3D"display: inline-block; min-width:=
25%;
width: 25%; text-align:=
center; float: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
2056
</div>
<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
-size: 12px; line-height: 24px;
padding: 2px 8px 0=
8px; -webkit-text-size-adjust: 100%;">
People
</div></td>
<td style=3D"display: inline-block; width: 25%=
;
min-width: 25%; text-al=
ign: center; float: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
1050
</div>
<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
-size: 12px; line-height: 24px;
padding: 2px 8px 0=
8px; -webkit-text-size-adjust: 100%;">
Companies
</div></td>
<td style=3D"display: inline-block; width: 25%=
;
min-width: 25%; text-al=
ign: center; float: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
43
</div>
<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
-size: 12px; line-height: 24px;
padding: 2px 8px 0=
8px; -webkit-text-size-adjust: 100%;">
Funds
</div></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
<tr>
<td align=3D"center" style=3D"padding-bottom: =
13.3px;"><!--[if mso]>
<v:roundrect xmlns:v=3D"urn=
:schemas-microsoft-com:vml"
xmlns:w=3D"urn=
:schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria=
l"
style=3D"heigh=
t:43px;v-text-anchor:middle;width:148px;"
arcsize=3D"50%=
"
strokecolor=3D=
"#F79B3E"
fillcolor=3D"#=
F79B3E">
<w:anchorlock/>
<center style=3D"color:=
#000000;
font-fami=
ly:Roboto, Arial, sans-serif;
font-size=
:12px;">
Request a free tria=
l
</center>
</v:roundrect>
<![endif]--> <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaCX9yr4toZxA-2FKuUBAiy4Qg-3D-3D1=
JOm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI=
4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs=
5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2G=
CCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJ=
TgB2CwdE8OkFirPyhdz-2BHJ3dd8vfAnO9-2FrgMtkGYhs5S5ZnhMw-2BFHDg0XbvdfjsCv4h8k=
OrsEPc1scj1MFPSWliIV2RNIA63aAXOqoUa8w163kdGsnS4oIWutxXboHE49t4XxJC-2FYcfLVH=
we7DpEiw-2BGH9IlWj7pYAO7-2BlNazVj254gIT8c23MWy2T4haFQyEMkKCi3RQ0vf5JEd-2BRr=
bD1BkNkM8-2FoaKGKdbuysLwSVtI9fB2pjhBO3BZYAqj6j4Eid2V-2BEqNMNPb9mE4-2F9Vo-3D=
" target=3D"_blank" style=3D"display: block;
font-family: Robo=
to, Arial, sans-serif;
font-size: 12px;
color: #000000;
text-decoration: =
none;
line-height: 24px=
;
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r;
padding: 9.5px 21=
.5px;
border-radius: 99=
9px;
background-color:=
#F79B3E;
width: 150px;
mso-hide: all;"> =
Request a free trial </a> </td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td height=3D"20" style=3D"line-height: 20px;"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579406" id=3D"n_579406" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
<tr>
<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2020 Vint=
age Global PE Funds </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table cellpadding=3D"0" cellspacing=3D"0" lang=
=3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: =
10px; min-width: 100%;" width=3D"100%">
<tbody>
<tr>
<td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Median IRR</td>
</tr>
<tr>
<td style=3D"padding: 0 0 20px 0;">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 70.43010752688171%; mi=
n-width: 70.43010752688171%; max-width: 70.43010752688171%; background-colo=
r: #1D5080;">
<tbody>
<tr>
<td align=3D"right" style=3D"padding: 0 4px 0=
0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">13.10%</td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Top Quartile IRR</td>
</tr>
<tr>
<td style=3D"padding: 0 0 12px 0;">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;=
max-width: 100%; background-color: #40C2C9;">
<tbody>
<tr>
<td align=3D"right" style=3D"padding: 0 4px 0=
0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">18.60%</td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-cash-multiples" style=3D"min-width: 100%; table-layout=
: fixed;" width=3D"100%">
<tbody>
<tr>
<td align=3D"center" valign=3D"middle">
<div style=3D"font-family: Roboto, Arial, san=
s-serif; font-weight: 700; color: #1D5080; font-size: 18px; line-height: 27=
px; padding-top: 5px; padding-bottom: 5px; float: none;">
0.20x
</div>
<div style=3D"font-family: Roboto, Arial, san=
s-serif; color: #000000; font-size: 16px; padding: 0 0 30px 0; float: none;=
">
Median DPI
</div></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-performers" style=3D"min-width: 100%;" width=3D"100%">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-title" lang=3D"x-performer-title" style=3D"co=
lor: #000000; min-width: 100%;" width=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 0 10px 0 =
5px; line-height: 24px; font-size: 14px; font-weight: 700;
font-family: Roboto, Arial, sans-serif;" width=3D"80%">Select top performe=
rs</td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 15px 10px=
0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzXsTysBt8DZ3fpDzp3cODyaUfIzL4Z8P1QePJTA0PEBsA-3D-3DI28g_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTl=
e8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDe=
jySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR=
561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJTgB2CwdE8OkFirPyhdz=
-2BESXV1uFd0g8FldYASkVuMB2PVbEtx8sCBM2f1uSEe0kJywq7jyBpB900Fe-2BjIeyf6t78va=
t-2FrG0-2Bc7b4ABd-2Bc3B5BqwgiOlMT65V1pqrMNyN2oGmoVX2DNe8Rc0tddM5eoEhDxTej52=
HI4w5LP-2F4YOG4ycwglR-2B7HJnvdkv-2FCT8ajvAvKWvunYChs3kyXiAIJ0Qboea-2FPeE7rJ=
TIh1qeJHpyzdYIl-2BBJ5x1ImGRjtKYDPS9xMdT-2BvXCiFhO2LG2pA-3D" style=3D"font-s=
ize: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">SSC Partn=
ers II </a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 15px 10px=
0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzXsTysBt8DZ3fpDzp3cODyaBHmekKoPmfjJ-2FhjK8SGUrQ-3D-3Dz7s__I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzU=
Tle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2Bz=
DejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4=
nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgKrTtwXIGzz=
HaN5dqZd6bQpQmxWU-2FDjCLX-2Fr7wMZo6HI5bU9Ow3Jcndi6leJ-2Bm-2Bv1-2BgWE7P1KnpK=
JZBcyNLUscSWZMYCw6urcEas8tuqj0XXMtBu2dKT5fQWGRAKfgDVYlZkZZEWmlMlESM5WfSCnu7=
fYtBX4jL5tNq0gzfWq6TO9MdAZd-2FYJ79uoLYmwKc8a8-2BPo6JEoRudimCLPMtt8-2BFaMh4b=
x3LsmKyx46NB7YDT-2BJUtPtScmtDgho8T2OpvGQVPtpl0Zgwad2o-3D" style=3D"font-siz=
e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Systematic =
Growth III </a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 15px 10px=
0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzXsTysBt8DZ3fpDzp3cODyaF1VOrWPhqbAseZEerDn0yQ-3D-3DVYlG_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTl=
e8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDe=
jySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR=
561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgKrTtwXIGzzHa=
N6HAQgB9ufb02QJD68z50FVPSf0Ed4VSAT4oBcZPL-2FAfzVuTmKiphRHKn2YITICru6XYgnld4=
7tje8pVJKMF4-2FNBepFuH-2Bp-2BIYsv7sGEndAwqvT0rc6PRTLz7TmEJCZ3jnO72xeIP7S4Ec=
0IoAID2zhdtY1p77DyL0Un8VL98xxMD8ehtF3YSsTDCYIgEe4eo4gvoj5XQdzX5ADbgsJ-2FxJ4=
w5HSKUXO4mHyqcJ7IJXKQfIXRqyRTXY5-2Fzf9IfyznUg-3D" style=3D"font-size: 14px;=
line-height: 24px; color: #1D5080;" universal=3D"true">Graycliff Private E=
quity Partners IV </a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"font-size: 14px; color: #78766F; =
padding: 25px 0 5px 5px;
font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td>
</tr>
<tr>
<td style=3D"color: #1D5080; padding: 25px 0 2=
0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaABlN6j=
P44-2F-2F5CtDnFj-2FK5A-3D-3DNzAZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy=
-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuL=
iZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYz=
ZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rL=
SCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgKrTtwXIGzzHaN6VEh62TgGgKCSn80LD0BOvpYP6=
n1kmW-2B-2BHG89yavT0EUncun2liqdaXoyfXP6hsZMPnVde-2BW6vQ-2FL-2F8qIhhnbpo1WLv=
0Mx-2FTzR6dNkwm9CG9yb0COpWSr0Mz7mt45-2FAusdNXZKCRptCjub4hOymZLfge5BupkI3YBa=
X9P6GZ5eqt8cp13t0bVJNma0Yq6SWZMuGSqGdeF5JJVxmGqsFxZgW6G0j0F-2BVYYUvchB1Ufsp=
kpIIRbHcTKdRxAIWVrdcs0-3D" style=3D"font-family: Roboto, Arial, sans-serif;=
color: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" uni=
versal=3D"true">153 Funds in Benchmark =C2=BB </a></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check =
out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXsTysBt=
8DZ3fpDzp3cODyae8YVL1T1cZReX7btWqz3-2FQ-3D-3DUmVa_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0m=
xhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9=
yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi=
5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgKrTtwXIGzzHaN4SPKIWKI-=
2F60oFmkcqPCjDmE95WmqDQTi3A3b7LFrQbuXo6ZB-2FmJTU9ta4TTQFLcZ-2FpJ7tzfSXYfgfK=
xYqAXaib4kwVsH7-2F2ByaUlD7MsFGMG7Xj6VDpQ-2FLn3uaa41NfUv-2Bh9j3V6E7R-2Bg3eTL=
Z3w2-2BNVG3iY7imXxQen-2B91-2BnZCaPy9LYV6sOiyGYj-2BRZtz6jfFHsUWw6f223-2BU3GP=
4pQSlcw94XMDAa-2FeCuzNPGFY6BBlQ0dL6PJrjcOvcrmszVo-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br>
</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table class=3D" " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2Fjp3Gc2DQ91DFzFIpuJftFD0w-3D-3Dc=
LP1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI=
4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs=
5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2G=
CCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJ=
lz633YgKrTtwXIGzzHaN5HKEsbtfffdYkHMRs-2BZ8Pn9stpMzQ-2BYVaf1jqyssSTbIpk-2BZu=
HpTe9uCuV-2BA2wmz8RK4C9aDRD44hCWlDESe7RoYvA3R9K2T4ZwjmTqNEj7ScqvXjgn6T-2BJL=
IHoaHa8vR2VYIkSRXcUq1GoiDwuImCsY9ZO-2BlqHscjO3gYMOIKYU-2F0JEHmlsxOJJmEeSC1C=
Hpt83nKtZ-2BDcU-2FDF9oJ-2Fmli10WYjahgt0k39MJflClWIkBNO44dp9Ypg9bQbb9ZIqk-3D=
"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4530/Churchillm=
archhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; d=
isplay: block; width: 100%; height: auto;"></a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>VC Deals</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Coffee=
chain <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpjW=
vtLLrrsgFlNNotFO-2B0KA-3D-3DYaH-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy=
-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuL=
iZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYz=
ZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rL=
SCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgKrTtwXIGzzHaN6oTvZyDuVTHGMk6aoRYPZs9J1s=
CY1gUympPi9XvQENnVmhNBf1iMP3xEIl0J8jJCPa187E-2FmlGMM-2Bv6FGq3-2FYLjf-2FPbQv=
sl-2BZKEOmO6-2B0frudg8Ww-2FglTnZMvTovI9m8tgHOkUyJ9hOSHuyahHnL4tE3tifRuelq47=
8PPh-2FdCUjaLPPY2xOrms8xTumApsLfX4F-2Ff9DEOS4LgiDzUUNoNOcFBRn6cYF-2B27h-2B2=
P6E-2BuQCHf9UTP-2Be4yLKZs-2FX28r-2FY-3D" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">Blank Street</a></b> is in talks to raise $100 million=
or more at a valuation of nearly $1 billion, the Financial Times reported.=
<br><br>
Bay Area-based <b><a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2Fjpxs7sgWb1f7DFQVoTGwzp4w-3D-3Dkopd_I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78M=
QNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9h=
OyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuT=
BGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgKr=
TtwXIGzzHaN7-2BqHIsyPpo7SK8dbKJ3RBiQoeccvVD-2BuLJ4D7aqNGK2JPcg6h83OA-2F8mat=
SX18SiREgE67C23AFQFMSNbhWCOGpLv1HqvtH6-2FAdKBqFZGT7xGoXxMvTr0dR-2BSEs04hOEE=
bNW3-2BO1gzKirVZS4Hq3B9rlYTEPC2wIP7HDROTjRUoOtr0IiYogggmsSWdY95ZiD-2Fh6f0ty=
XGYfsVvI3c1z1dGBWWjkm8RLxFK6UjW0imBcWLDOXAwJ23lMagtsCSD9o-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">Alcatraz</a></b>, which offers a =
physical security access system, received a $50 million Series B led by <b>=
BlackPeak Capital</b>, <b>Cogito Capital</b> and <b>Taiwania Capital</b>.<b=
r><br>
Paris-based biotech startup <b><a href=3D"ht=
tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS=
WIrf6GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpcB6RR91ze2YGZQSedZuHaw-3D=
-3DEFKf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BP=
PUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2=
Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6=
EuPJlz633YgKrTtwXIGzzHaN4cwnyRyhFowbS4jsoQ-2BJEuLOA028PBjcvVndWBIO3-2FfddID=
NIFqJgkTTn62fewTmFwRuntj0G5p8HOxQGd8cez1Z9SI3gPHlJdvdDB3nJj3p2VnUShR6Y53FEz=
2-2B7EQUD5Yn6sFPzJO-2BjBW23-2FwwjoTDq4n683Hd-2BJUMt-2BuF2HOLVQ47Z1FvSk0PCmx=
2Zy9cFGYYQ3D7dPq-2Bhz5WNR6p-2BonVdQWtgSV4cM3hbn48hZ-2BYD1lRjOUHP9BWBnBR8gPM=
4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Generare</a></=
b> secured a =E2=82=AC20 million Series A led by <b>Alven</b> and <b>Daphni=
</b>.<br><br>
Calgary-based <b><a href=3D"https://url6380.=
news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpvgPyIf-2B3T1quyAweO2Pb8g-3D-3DD6fA_I3w5=
d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78=
MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9=
hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2Bu=
TBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgK=
rTtwXIGzzHaN7vFybJHop9QI2aWYTEj1U99KmbgG-2BXy1-2BhfhPla6UWfMPwK1eUqNpIjxDh0=
GlXf842Wegq2kDoJ7QsX3VBPrfdAba2i-2Bk389OYxXN2xTo5MaQrAn-2BzkCNoJ-2FZH171tTd=
wuVogVEwIAmv-2FNMzl3Ix-2BGCJrzy8uLvYWkrp8dG-2FSu0hRh3xahpvXeR5h04cqJMUXlX22=
9cwIV6J98zkCyP48IyPZsIGxKcD6iiFG8yf-2FTH7TLJYjYZf5rpqQTS21guA0-3D" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Carbon Upcycling Technologie=
s</a></b>, a provider of low-carbon cement materials, raised $10 million in=
a round led by <b>ATEL Ventures</b>.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>PE Deals</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table lang=3D"x-content-area" cellpadding=3D"0" =
cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table lang=3D"x-content-area-main" cellpaddi=
ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" style=3D"pa=
dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;"><b>EQT</b> is conside=
ring an acquisition of <b><a test style=3D"color: #1D5080;" href=3D"https:/=
/url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpEj3NSk-2B1m6Y4tEOA8n4unw-3D-3D=
HliE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVx=
I4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZ=
s5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2=
GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuP=
Jlz633YgKrTtwXIGzzHaN7kUbdQTbiRTPBEtvMWp0yALck6u2opUWcNXj3dyRyU4ym7FCdltuiV=
b3Rw8i6OJA2oVQyUYt8v8jwh-2Ffihxom0LlWeRFO45Yh-2BbWiKSOlTKp-2BEEt2KddBajKsJq=
7pdEw3tAFOw9BzRP66R0TywS6GIAbYLWvOVWcO-2F9acOLUZajKb6o8TINrmcdZ1b3nxx7OU7X4=
gu0rfH0PB-2B8oCFO7UQ0-2BD6kFuzw16DqbeZtsnsRePGS0o6h2iQ6oAcaWrWvCU-3D" unive=
rsal=3D"true">The AA</a></b>, which provides roadside service and auto insu=
rance in the UK and could be valued at around =C2=A35 billion in a deal, Sk=
y News reported. <br><br>
Nasdaq-listed tower operator <b><a test styl=
e=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jh=
by-2Fjp9lNAxOT-2BE1L94veexmj4dw-3D-3DFqt-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9=
JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJps=
UdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWt=
jdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2UQ3PZEK3eM2I7gkEJ=
PNZd18-2B2rw5gAzTGUQeAahnkKCENJD7q-2BZBAoZqllLTvDjH8g44QPN918srxlhlLqrJDwDJ=
W94VTJuhMpseMdbtjIm8ZAwgENQyjdZjHhi5vObaSoV2hd7LiavrGl1XpZSTbls9OXj6BKgY0oA=
mANA6XvOJ1sueJjpPx5CbHwjA4Df7b83jvmENPpSattdgGF6-2FEvGib61IEyHwEQN9hzgf-2BM=
E-2BhZ3wIPhUAO7p9HNBN-2FJiw-3D" universal=3D"true">SBA Communications</a></=
b> is considering a sale after receiving interest from infrastructure firms=
, Bloomberg reported. <br><br><b>Franklin Templeton</b> agreed to acquire <=
b>250 Digital</b>, a crypto investment business spun out of <b><a test styl=
e=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jh=
by-2Fjpj2eAIG-2FNWMrWL5eitp-2FdyQ-3D-3D6qfo_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIb=
h9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJ=
psUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65AS=
Wtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2XXczu6e7vzvNnZD=
-2FoStNBiKWxpOyZrg7W1JknV5gEMyNKqmsFJ8urjYhxhSVSO-2FPlKaOa2brNx-2BZs-2FPUjA=
v0dYha5Ys6ySqnJfnH-2ByG53qn8EodXWQ-2FkprKMypjWSp3BBTgqhyIRSp8O0fvwRF-2FIzeI=
ReTXjL2sKDnjqBNmZOE2pUjOpZXJFbiPUr7Sapw5wVNt0RmeTga9CDlff8cAaNwoLBkZSPIv-2F=
MwpzpNc1kg8nfWnf-2B-2BWoM9a-2BNuCHhs-2BHo-3D" universal=3D"true">CoinFund</=
a></b>. <br><br><b><a test style=3D"color: #1D5080;" href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpVI0h1UQetwONgUHlPbY9mA-3D-3DD21N_I3w5=
d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78=
MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9=
hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2Bu=
TBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7St=
AnetWuY03gJ2VxO7rdkr4m40eLG0D-2FyxJrhWEoR9i4HoeQyySd-2BI-2BRVCJQudbnqhPpAzS=
RWW9bXEIl56PR7wSYbrb9qej6RQ4Fx5VD0VzgYiEukqRUxY0J0JPuA9iKl6wuJdFUU6JFQIGY-2=
BWAaao-2FDr-2F7M-2B5pEOl-2F4MxBWuTgyfCURA86dZrdTjsSH6ntAM-2F1sgoTJgnyRwCDmf=
-2FRVluxJEtUbDLpJF-2Fb0vHAzxhID5HLpkqRRfNM7z8Ns1-2B4rXeWnx6Kky9fOJmg-3D" un=
iversal=3D"true">Dane Street</a></b>, a provider of medical evaluation and =
review services for insurance and healthcare markets, received an investmen=
t from <b>Quad-C Management</b>. <br><br><b>EagleTree Capital</b> acquired =
brand marketing business <b><a test style=3D"color: #1D5080;" href=3D"https=
://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr=
f6GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpPTa2-2FR-2FO7UonN-2BEBF00a7Q=
-3D-3D8U1m_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8=
PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-=
2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQ=
w-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJII=
ol6EuPOlFtXK7StAnetWuY03gJ2WyRunvtezo-2B7oOcyCU6UjwtojEt5EbjiN9BAyBcbTq1JGT=
eSV-2F7uQO-2BECuJLwKUawUIydaVSbTM4uSPHQKaTxFyRGpMoLkP4GGh9KM0uGNSSWX2eD4EjP=
ycUsb3abFQ9iQF43Yp5VMBIprt5YGpJ-2FgV6-2FbQa9bMHAeH1PxC6FNFtLXsNLnp-2Fje9gkQ=
qzcO5Wnpc-2BpjMgCE0S5OgNNLB6H0CSiT57nlYogtkjYtC9Ogl5ejEIjKNDof-2FU-2F1avlDn=
ME-3D" universal=3D"true">The Opus Group</a></b> from <b>Growth Catalyst Pa=
rtners</b>. <br><br><b>Omni Partners</b>-backed <b>Infoshare</b> acquired <=
b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.=
com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUig=
DRO-2FtDIjdamKyk8qZxfXibUXJKrIusUryk4OkzFPQ-3D-3Dbdu9_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g=
5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9T=
usZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2B=
BPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2Xt-2B=
D6VMmopUc6td0hkhU0xk-2B-2FtT2s1BZrqqM7LoMPbutgbb3ws5FAi9adtFCcK7zPMT2eTXA5j=
-2FTDIOsZ6D-2FSPTjxIbFXox6Es-2FKv1Z8r0bFHX40bJX4LvhxkyesaIOqemWG7A1kaGO9y5i=
aMfkifHyiU-2BDwXLSUFjv-2FVbwuSYfhDV1G-2FiQcKc8LwDYIu1efotgk8kT8n-2FQcflGHbM=
jmJX5Edf9ljF4-2Fp50IQ2mJDA-2BkD6NEeGtbYTbYjlXHIloMo-3D" universal=3D"true">=
Barbour Logic</a></b>, a UK-based provider of AI-first communications softw=
are for local authorities. <br><br><b>Keensight Capital</b> has acquired HR=
software specialist <b>Centric Germany</b>, the German unit of <b><a test =
style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIj=
damKyk8qZxfGxv4nLUCgRM3wVBNw96xpQ-3D-3D-ZiO_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIb=
h9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJ=
psUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65AS=
Wtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2UUtQ0ZuypkdrNoJ=
OYdcRY-2B-2FjlokMpP0zd4cO-2BAfxhzl94kiMXYr2Jk2LSvX14eZc6foewHTXyOGqPvavO3mG=
pN38ie7HIxjc4nVm38PBmf6qwKrxGIbFBxJ7WpvPZ1HOw8XJw0jiiuFuFvpyizESXqXqe3Mi1ZJ=
tnwX4vLkxhUTpWDQk0dtHgzNpA84p9BwCIj9Do2hhZwIZtwgiYBeMxOQISbPlJm8rC4-2Fl5lOo=
rCk2m7p8iNuEVrjfZuw7CstQU-3D" universal=3D"true">Centric Group</a></b>, via=
its portfolio company <b>Aconso</b>, which specializes in HR document mana=
gement. <br><br>
Battery energy storage company <b><a test st=
yle=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIjda=
mKyk8qZxf3O7zGPgziMhqtetMJMVCdA-3D-3DjQ8E_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9=
JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJps=
UdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWt=
jdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2WU5b-2Bhe3XkvUjt4=
EkaNOOlZz44WhQFDQqoSjajFt6vxdIQUBxcj7I-2B1Dc2OlZbkJ7hoefm0DqVRCOAN1ruc1s2aU=
l1jmP1HtJ7xSOX2Fz9iNvmd8gvGDzk11heOa-2F5DW2r4oH864yg5vZllU69XKwz65NoSkHpfen=
HTUaf-2F2iz-2B-2BJvvKqVU6r0HcZ39D7WCfkdeTGOMuGvFBWaEuK3z5nMxUxqA1EK6hBuUyCv=
A8Uu0Pft-2BHtQstETCQFQaNAn6zg-3D" universal=3D"true">Clean Energy Services<=
/a></b> agreed to be acquired by <b>Apollo Global Management</b>-backed <b>=
FlexGen Power Systems</b>.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Exits</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Bla=
ckstone</b>-backed data center operator <b><a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzUigDRO-2FtDIjdamKyk8qZxf9fcOXhovk8cs-2BdTEBMkM-2Fg-3D-3D4RXL_I3w5d9c=
01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQN=
NdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOy=
Fh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBG=
RymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAne=
tWuY03gJ2W8RzrjSHPZN9Lsgzi83yN87TWD6CG2XCzfrvYgAjjKQIbk7Imdt2VCIPzwbG4m-2Bj=
iqkkThfTZiYjp3I3ESlcFex8ZI9OVBxdys7EBEVDAYw1XwQtX6OYUHJ3WoPsx6CU9p-2BFO9nCo=
NeSKIGThuQFZuP1yAXZmq-2FZfmWNvKDmmdhq3v3jwzG5216ND7RfjitTGKReU0KlcVH3MvsLgZ=
iSiHZFuzlYaEWd1cm-2FzZhoqEXujiWYqbAjmLbsSivkltlHM-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">AirTrunk</a></b> selected banks for an RE=
IT IPO in Singapore that could raise about $1.5 billion, Bloomberg reported=
.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIjdamKyk8qZx=
fA07YD3zmSdnyYpsf3gihig-3D-3D2oUf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2Uu=
LiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIY=
zZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4r=
LSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2X-2BFswtoPW3t-2BGGeLfi7G1=
lYwymyE8aH2BKarUYXf-2BwDxbDiI0a9t-2FwD7WNofq-2B1hNjvOXwRdJqD7vY4-2FQIfDr0fq=
BBiWlZ8gBu2dsMDWuNnyL8vR8id5sZ-2F-2BiyUG5L44rsfef9QUWwRdDQvo4x38A-2BaJwLPxB=
ZlMgYJ85R-2BVHxRBYUXcYJc70LBG-2B1r-2F4WrKSsySIKVl7nxALq4ieErrLNwhAOuR-2BK5Y=
auNVYbqOlPA0MwmMX31wI9TYPvLtUNHMU-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">AGS Health</a></b> an administrative healthcare services =
provider backed by <b>Blackstone</b>, could raise up to $500 million in its=
Mumbai IPO, Bloomberg reported.<br><br><b>Anthropic</b> acquired <b>Coeffi=
cient Bio</b>, a startup developing AI models for biological research, in a=
n all-stock deal with more than $400 million, Newcomer reported.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Fundraising</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIjdamKyk8qZxfxYftTnNWm6OEHPX=
l8hZjzg-3D-3DoaK3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaU=
dLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-=
2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hG=
Y3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2W14IL9PcX4JwCSxPkUIcr3kN5fL-2FQX8PLRhDZU1=
UwXyQRfgmvcPH-2FS856vTH0mF0Bg01vvTBHUvft4JC3RPz4G3PcBYYks-2BBhXHg6cWjXMa-2B=
GFmBNS508-2FYseHqqOGCjP-2Fsvxi9wBphJrsCzk-2Bw-2BrRYJ3TicChbFBze69hoz87HVLYN=
-2BgOdtRgGr0iSVuplt-2F6JIAnuRHWOFDCUDj9vMR4P-2F-2FE10dqXXLFnVyaJcZsZ-2Bz7Fd=
tP6Ms-2FHC0bI57861I-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">OceanSound Partners</a></b> closed on $3.4 billion for its third flagsh=
ip fund and related vehicles, which will focus on investment in government =
technology including defense companies.<br><br><b><a href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzUigDRO-2FtDIjdamKyk8qZxfhAxJmaLs27sZ-2F2JKofHA6Q-3D-3DlMiw_I3=
w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK=
78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKig=
v9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2=
BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPMoN7b3t=
P3hg0A782JOlMsjVgvTEvAFxz5bpRbFuvbcN0Sfn3-2FB2i0jNW7pIka1P41F9RDr4SAuuVODne=
3eknctO2oO4VCXXJOuin69efs0eOeGqwBinAZzIDtV4lYPWLsq-2F06D9SvdYGBkeb4UIzYBSHQ=
crELeROnvW8lc0m-2FV10u0tLk7qF36l4RoAaYKnhlg2UjrMOJodZ-2FSjs4DA000zC98858SO8=
qDSBd7uQXxCbBPFkZ1gi-2BelRV-2BC-2FvLN1o-2BHRQqdx4QrX0yXmlrHyNQ-3D" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">L Squared Capital Partners</=
a></b> closed its fifth PE fund on $2 billion.<br><br>
UK-based <b><a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzUigDRO-2FtDIjdamKyk8qZxfpXGEPv2WBh5d6spC8uigGA-3D-3D-JL7_I3w5d9c01gk=
D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeU=
zUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2=
BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymS=
W4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPMoN7b3tP3hg0A782=
JOlMsgZRZ-2BG4dgmDXFItk-2BUqa9WvBqdiYmWJjYnBJrrbrQztt8zYvqgfR2vHtlSmceQPWd7=
H7XVhHvG4Am8jmCF9jLLqQPnn9oLSmU-2Bk7RdcDwL1-2BwDIICCi8eE2e6GtWNou7xHCw1805X=
9ORjGwB0nzSABpmr0aXRN9kvsAjfpw1tqtGBErmP4XNTLCHWPIvLFr3ELg3m3dVXhMofs4ELcmd=
O55W2vKqVyowZrsTBMbjN7uAU2KacTpQRLSwZQYQS7JWk-3D" style=3D"color: #1D5080;"=
test=3D"" universal=3D"true">Bootstrap4F</a></b> raised =C2=A3130 million =
in the first close for its "Women backing Women" fund-of-funds.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Investors</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Singap=
ore-based alternative asset manager <b><a href=3D"https://url6380.news.pitc=
hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzUigDRO-2FtDIjdamKyk8qZxfbo7g4e-2Bn19xZSNZ-2FvxRizA-3D-3DDTlk_I3w5d9c01gk=
D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeU=
zUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2=
BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymS=
W4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPMoN7b3tP3hg0A782=
JOlMsg-2BeCiTxQDcLy11RIfZWEgZZakNHVo-2BYdEI148z5MPYmLhVeEzGjPKDbGoUlTRq52bO=
3D5BmCxcRJCqTvlO70ycC-2FgiXgXIbKFe38tZUzVoRuyL7GFNTG5u0iUV-2FQNSXg-2BVtRs3L=
8l-2BQcU7JB0Vg1lTNBh41T4SBAaors0vUWVlz1UCz-2BBkfZMz38xoEMbb-2BTvXjfjaFnh-2B=
GEcYckGid6elo38XbSQnFNmvWPxCPPAJsUECNLm3Uf4gH0c8oPoWe-2B8-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">Hillhouse Investment</a></b> open=
ed a new office in Abu Dhabi.<br><br>
Paris-based <b>Tikehau Capital</b> and Tokyo=
-based <b>Amova Asset Management</b> launched a joint venture, <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIjdamKyk8qZxfTGw2OCAFBinmRWpPJyw=
vBw-3D-3DsQ_5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa=
0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLyw=
c5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeF=
iDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QV=
JIIol6EuPMoN7b3tP3hg0A782JOlMsiN8at4ycKuz2Z15IawWdZyxN7y8nNCZi-2FootgBPXk-2=
F4W50GW3Dpszlva0auAJ293gHi4j0-2FbVjWgdkUgA60DiiGDWLSI3FpsZw0INfqYqzgXncIdOH=
5Lmx-2BS8u8cSLdtyhN2XQJh-2FZLObdtfWf0XPrNuH-2FPAg37-2Bl5J4yFm5bBW-2BK7TrrFx=
lfG3c7zz8yd8ULOkRl2ocpE0J-2F1AbQiRzbfeHmiS-2Bt8HjfrcEjaDt4DnLfhQge-2F3Pe3B1=
tevrKZXhs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Tikeha=
u Amova Investment Management</a></b>, to offer PE decarbonization strategi=
es in Asia.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Chart of the Day</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
<tbody>
<tr>
<td valign=3D"top">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"center">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
">
<tbody>
<tr>
<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzULj5p2jQe6iiRH-2F2Cm4vakBpxA5Bm=
Nqhmn692ed1XJGg-3D-3DrDhB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTyko=
JTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2=
gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0=
q-2F41hGY3QVJIIol6EuPMoN7b3tP3hg0A782JOlMsjXfA4baBgKYHPwWoYDL0vSMD0QebSv3m0=
-2FsQ2ZskGiz3RmVGv67XQAIhgr74zZPQK6Io-2B1CCaDm4F2nnwn2xnSR4Y-2BxwSDB5SIjLyh=
t9JLM6-2FEtSq1zg0O-2B6IU-2BuGOw7W1UZHMOjFDBx2IKEzZFaEkTcPEi9WUibGzJoTtgId5g=
8G0Nq9vPXyWth95-2B25noBbOHq0Lmnj-2Fo7gmHDMIxpXa0KZAid7gKlk6nTaQtlunB3zYqqB1=
bCGsSSkNrOteWi8-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=
=3D"https://img.pitchbook.com/news/73568.png" style=3D"border: none; width:=
100%; height: auto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Despit=
e the supportive public market environment, Korea's private capital markets=
did not experience a comparable recovery in 2025. Total private capital de=
al value across PE and VC declined to $16 billion from $24 billion in the p=
revious year.<br><br>
Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzULj5p2jQe6iiRH-2F2Cm4vakeso-2BEB6X0fNSTILtHDkt7w-3D-3DFgjW_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNde=
UzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-=
2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRym=
SW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPMoN7b3tP3hg0A78=
2JOlMsjJhakyBEiJmUpq0y61uW2HQa28-2FGv4N1l8M-2FXx3wFdgKe8yVDVTfHJgHjzQm3OWH4=
aLMwrW7QP87WbjQGYXatOUGN3GrogF-2BBlJAc-2BUuXCcxpEDGyCv5zBS0Kz-2Fk9Jhnsfw195=
WGP2yevbFqBVaA4XhJB-2FeaO6uKTMsmjiIM9hSMzyQzw3MU4buoz4erssvoxx2nfZtRVZXEXB3=
-2F6bvOUeWpVg3Jq-2F4wbZxrH6jkCI-2BkTr0frCMtcKhNF4-2BRGOqaU-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">2026 South Korea Private Capital=
Breakdown</a></b></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
</tbody>
</table></td>=20
<td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r=
ight" style=3D"padding-left: 20px;">
<table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td>
<table lang=3D"x-sidebar-block" width=3D"140" cellpadding=
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<tr>
<td align=3D"right">
<table class=3D"desktop-only" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20
">
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<tr>
<td style=3D"padding: 0;"></td>
</tr>
<tr>
<td style=3D"padding: 0; height: 20px; line-height=
: 20px;"> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr> =20
<tr>
<td>
<table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad=
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